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Conference Call 2Q08 and 1H08 Earnings Release

Conference Call 2Q08 and 1H08 Earnings Release. Friday, August 08, 2008 Time: 01:00 p.m (US EDT) 02:00 p.m (Brasília) Connection: +1 (888) 700.0802 (USA) +1 (786) 924.6977 (Other countries) Code: LASA Replay: +55 (11) 4688.6312 Code: 535. Multi-channel Retailer.

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Conference Call 2Q08 and 1H08 Earnings Release

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  1. Conference Call 2Q08 and 1H08 Earnings Release Friday, August 08, 2008 Time: 01:00 p.m (US EDT) 02:00 p.m (Brasília) Connection:+1 (888) 700.0802 (USA)+1 (786) 924.6977 (Other countries) Code: LASA Replay: +55 (11) 4688.6312 Code: 535 Multi-channel Retailer Bricks-and-Mortar Internet, TV, Telesales, catalogues and kiosks Financial Products

  2. 2Q08 and 1H08 Overview Bricks-and-Mortar • 419 stores as of August 07, 2008 – total sales area of 448 thousand m2; • 2008: 9 Inaugurations, 4 traditional stores, 5 express stores; • Besides inaugurated stores, we already have 44 openings scheduled, 28 in the Traditional format and 16 in the Express format ; E-commerce • Gross revenue reached R$2.1 billion in 1H08, a 39% growth compared to 1H07. • EBITDA growth of 50% in 1H08, reaching an EBITDA margin of 14.2% (+1.0 pp) in 1H08; Financial Products • More than 1.6 million cards issued and 100% of total receivables volume of R$330 million (LASA’s participation is equivalent to 50% of the total volume); • Americanas Taií Cards represented 9.6% of Lojas (parent company) sales by the end of July 2008; 1

  3. Consolidated Gross Revenue (R$ million) Growth “SSS” NR 14.7% in the first half of 2008 Consolidated Gross Revenue (R$ million) Parent Company Gross Revenue (R$ million) 23.4 % 28.1% CAGR 1H02 to 1H08 = 19.2% CAGR 1H02to 1H08 = 31.6% 2

  4. Gross Margin andEBITDA - Parent Company Parent Company Gross Margin (%NR) EBITDA (R$ million and %NR) Parent Company 27.1 % - 0.8 pp Parent Company Operating Expenses without Depreciation & Amortization (%NR) EBITDA Margin stands at the same level, even with the following effects: - 0.7 pp Change in ICMS tax system Greater participation in sales of IT products Greater Easter sales 3

  5. Operating Income - Parent Company Parent Company Operating Income 1H07 %NR 1H08 %NR Gross Profit 398.8 28.7% 493.1 27.9% Operating Expenses SG&A -271.3 19.5% -331.0 18.8% Deprec. & Amort. excl. amort. goodwill -36.1 -2.6% -47.1 -2.7% Op. Income excl. goodwill effect 91.4 6.6% 115.0 6.5% Goodwill Amort. from merger/repurchase B2W -5.5 -0.4% -12.0 -0.7% Parent Company Operating Income 85.9 6.2% 103.0 5.8% • Inauguration of 52 new stores over the last 12 months • Expansion of the Distribution Centers • Remodelling of Blockbuster ® stores 4

  6. Gross Margin andEBITDA - Consolidated Change in ICMS tax System Consolidated Gross Margin (%NR) EBITDA (R$ million and % NR) Consolidated - 1.2 pp CAGR = 37.3 % 35.5% 1H07 1H08 %NR %NR Consolidated Operating Income Gross Profit 798.2 997.4 31.7% 30.5% Operating Expenses SG&A -539.0 -646.0 -24.5% -23.2% Deprec. & Amort. excl. amort. goodwill -63.9 -87.0 -2.5% -2.7% Op. Income excl. goodwill effect 195.3 264.4 7.8% 8.1% Goodwill Amort. from merger/repurchase B2W -14.1 -24.8 -0.6% -0.8% Parent Company Operating Income 181.2 239.6 7.2% 7.3%

  7. Financial Result Net Financial Result 1H08, considering subsidiaries effects and before B2W: growth of 12.3% vs. Growth of Parent Company’s Net Revenue of 27.0% R$ 77.2 million in the opening/refurbishment of stores, expansion and modernization of our Distribution centers, payment of dividends, repurchase of LAME4 e LAME3 by Lojas Americanas and repurchase BTOW3 by B2W. 6

  8. Indebtedness 1H08 • From 07/01/2007 to 06/30/2008: • Consolidated Investments in fixed, deferred and intangible assets of R$ 379.7MM • Payment of dividends of R$ 50.0MM • Share buy-backs (LAME3 and LAME4) in the amount of R$ 20.7MM • Purchase of BTOW3 in the amount of R$ 98.5MM 7

  9. Reconciliation of the net incomeParent Company 8

  10. Consolidated Net Income without FAI and B2W effects 9

  11. Creating value for our Shareholders Total 2001-2007: R$ 728 MM 33% EBITDA Expansion and Investment Programs Dividends Payment and Share Buy-back Program (R$ million) Share buy-back Dividend payment Over the last six years: - doubled the sales area and more than quadrupled the number of stores - CAGR of 32%in Gross Revenues and CAGR of 38% of Consolidated EBITDA - Payment of dividends and buy back program totaling R$728MM - Acquisition of Shoptime, creation of B2W, merger of Americanas.com and Submarino, and acquisition of BLOCKBUSTER network - Creation of FAI(Financeira Americanas Itaú), generating capital gains of R$200MM. 10

  12. Investor Relations Team investidores@lasa.com.br Tel.: + 55 (21) 2206-6708 Fax: + 55 (21) 2206-6898 IR Website: http://ir.lasa.com.br Statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of Lojas Americanas, eventually expressed in this release, are merely projections and, as such, are based exclusively on the expectations of Lojas Americanas’ management concerning the future of the business and its continued access to capital to fund the Company’s business plan. Such statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Brazilian economy and the industry, among other factors and are, therefore, subject to change without prior notice.

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